How can people make the best use of time during the Covid-19 lockdown?
There are plenty of ways people can make a start on setting their financial house in order while they can’t get out to see a financial planner:
Make or review your will – confirm who you want to receive your estate or look after your children in the event of your death.
Review your old insurance policies – check coverage, ensure you’re not over-insured and scrap any out of date paperwork while you’re at it.
Establish a lasting power of attorney (LPA) – There are two types, one for property and financial affairs and another for health and welfare. An LPA enables your family or loved ones to make financial decisions, or with regard to your health and wellbeing, on your behalf should you become incapacitated in some way.
Update your pension beneficiary form – pensions aren’t part of your estate and are therefore not covered by your will. If you want someone to benefit from your pension following your death, you need to fill in a beneficiary nomination form.
Consider new insurance policies – it’s probably cheaper than you think. Life assurances can protect your loved ones should you pass away.
Review your monthly budget – delve into your statements and discover what you actually spend your money on and how you could improve on that.
Get all of your important documents in order – arrange all of your financial documents and policies in one easy-to-find folder. This will make life easier for your loved ones following your death.